Derek Smith
Senior GRC Professional
Summary
Performance-driven Assistant Vice President with over 15 years of experience aligning systems with business requirements, policies and regulatory requirements. Passionate about applying excellent organization and communication skills to manage and lead teams. Results-oriented individual well-versed in interfacing and consulting on business processes to drive results based on sound overall business judgment. A trusted leader who fosters an accountable compliance culture. International speaker and author on anti-money laundering, cybersecurity, human resources risk management, information security governance, organization resilience, and agility.
Overview
23
23
years of professional experience
3
3
years of post-secondary education
4
4
Certifications
Work History
Assistant Vice President of Compliance & MLRO
CG Atlantic
Nassau
07.2021 - Current
- Spearheaded local compliance function leading a team of three
- Lead on local internal policies and procedures to ensure compliance with three regulators;
- Lead on internal policies and procedures to ensure compliance with six regulators;
- Responsible for reviewing all marketing material and quarterly regulatory files before release;
- Final approver on all High Risk AML/KYC-related activities, inclusive of Customer Due Diligence and Customer Risk Ranking,;
- Designed and implemented internal AML Compliance Training for 21 jurisdictions covering the board of directors, senior management and employees through a digital compliance management platform;
- Designed and implemented Data Privacy Training for 21 jurisdictions covering the board of directors, senior management and employees through a digital compliance management platform;
- Designed and manage the annual Enterprise Risk Assessments for pension and insurance legal vehicles;
- Initiated and led an internal communication plan to socialize key AML laws strategically within six jurisdictions;
- Designed and implemented a regulatory control management process for The Bahamas and Turks & Caicos;
- Collaborated with sales and marketing departments and other business units to address indications of improper sales practices and market conduct violations.
Head of Compliance | MLRO
Higgs & Johnson Group
Nassau
07.2019 - 06.2021
- Direct enterprise-wide compliance performance leading a team of two;
- Transformed low structured compliance function that was challenged with framework design, process flow establishment and compliance, and anti-money laundering governance to a robust framework that the Securities Commission has approved of The Bahamas;
- Successfully defended corrective action plans to the regulator within the first 30 days after on-boarding;
- Lead on regulatory reviews;
- Liaise with regulators for three legal entities;
- Lead on internal policies and procedures to ensure compliance with four regulators;
- Final approver on all AML/KYC-related activities, inclusive of onboarding and ongoing reviews;
- Designed, managed, and implemented both compliance and anti-money laundering plan;
- Strategically designed bi-weekly Op-eds to enhance the voice of risk and compliance professionals that are carried by The Tribune, The Nassau Guardian, and Eyewitness News;
- Designed and implemented regulatory control management process;
- Designed and manage the annual Enterprise Risk Assessments for legal and financial services entities;
- Led technology enhancement of the manual compliance screening system to full automation;
- Introduced an internal communication plan to strategically place key AML laws through adaptive compliance training vs linear compliance training for more than 100 staff.
Deputy Chief Compliance Officer
CitiTrust
Nassau
10.2017 - 06.2019
- Deputy CCO with responsibility for private banking LATAM, wealth management trust, and AML functions for Bahamas and Cayman Islands;
- MLRO responsibilities for Cititrust (Bahamas) Limited and Deputy MLRO for Cititrust (Cayman) Limited;
- Prepared and filed reports on unusual/suspicious transactions for Cayman & Bahamas entities;
- Deputy on regional and global investigation units with multi-country investigations;
- Manage Bahamas Compliance's Management Control Assessment execution and Process Risk & Controls (PRC) reviews;
- Alternative member of the Senior Risk Committee of Cititrust Group across Singapore, Jersey, Switzerland, Cayman, and The Bahamas;
- Improved compliance training program for Bahamas and Cayman Islands for more than 150 staff;
- Successfully executed corrective action plan on Securities and Exchange Commission.
Assistant Vice President of Fiduciary Risk
CitiTrust
Nassau
06.2016 - 10.2017
- Charged with 1st Line of Defense management of the control monitoring program for the Manager's Control Assessment process (MCA) for both the Citi Trust business and CPB Operations (Nominee Services) units;
- Oversight and tracking of Citi Name-Screening (Sanctions and Non-Sanctions Alerts) within the Business Risk Management team;
- Lead the identification and escalation of actual/potential control breaks, trends, and root causes through risk and control testing and/or ad hoc evaluations of business processes/controls;
- Lead on Self-Risk Assessments for The Bahamas and also tested controls in Singapore, Jersey, and Zurich;
- Prepared business risk management reports for the Board of Directors and Audit Committee
- An active member of the Global Citi Trust Business Risk Committee taking lead on various cross-functional initiatives inclusive of Risk & Control Self-Assessment (RCSA) script designs and redesigns;
- Alternate lead/presenter of the monthly Bahamas Business Risk Control Committee (BRCC);
- Improved compliance training program for Bahamas and Cayman Islands for more than 150 staff;
- Successfully executed corrective action plan on Securities and Exchange Commission;
- Motivated legacy team to redesign reporting metrics and improve efficiency for regulatory and audit deliverables with 0% turnover;
- Key stakeholders in the redesign of policies and procedures based on results of root cause analyses and corporate directives;
- Reduced redundant testing by 30%.
Senior Client Accountant
CitiTrust
Nassau
12.2015 - 05.2016
- Managed the timely execution of financial statements with AUMs within the millions for waived and non-waived populations while being a liaison with relevant stakeholders
- Management of the generation of complex unit-valuations and reports
- Developed client support packages in preparation for audits.
Assistant Manager Internal Audit
CitiTrust
Nassau
08.2006 - 06.2010
- Unit serpervisor with direct responsibility for CPB Alternative Investment unit in Nassau, Bahamas and deputy responsibility for Cititrust (Bahamas) Limited and Cititrust (Cayman) Limited
- Program Leadership & Enhancement: Initiated and designed the Model Audit Programs for the Internal Audit Department covering Bahamas, Zurich and Jersey
- Key partner in the Global Cititrust 2008 Re-engineering Initiative and CitiRM Implementation
- Strategic Partner: Provided recommendations to Trust Head, Global Risk Head and other Senior Management to enhance internal controls relating to trust management and mutual fund management
- Assisted with the planning and delivery of Anti-Money Launder Training
- Risk Identification & Mitigation: Identified weaknesses and risks within business processes that could lead to potential liability for the group
- Identified breaks against documented procedures and any other issues which may pose risks to the business, analyze the findings and recommend appropriate solutions and corrective action plans
Accountant - Co-op Student
Deloitte.
Nassau
08.2000 - 05.2006
- Serviced firm's clients in the areas of audit, liquidations, financial statement preparation and corporate services
- Reviewed controls surrounding preparation of financial statements and information.
- Followed up to assess and report corrective action completion or progress.
- Administered auditing program to address risks and evaluate compliance with regulatory requirements.
Education
MBA - Information Systems Strategies And Governance
Edinburg Napier University
Edinburg, Scotland, UK 01.2020 - 09.2022
Skills
Corporate Governance & Board Relationsundefined
Certification
Certified Cyber (Governance Risk and Compliance) Professional
Affiliations
- Bahamas Association of Compliance Officers
- Association of Certified Anti-Money Laundering Specialist - Bahamas Chapter
- Rotary International
Quote
If you really look closely, most overnight successes took a long time.
Steve Jobs
Timeline
Certified Cyber (Governance Risk and Compliance) Professional
12-2022
Certified Cryptocurrency Expert
07-2022
Assistant Vice President of Compliance & MLRO
CG Atlantic
07.2021 - Current
MBA - Information Systems Strategies And Governance
Edinburg Napier University
01.2020 - 09.2022
Certified Risk & Compliance Management Professional
11-2019
Head of Compliance | MLRO
Higgs & Johnson Group
07.2019 - 06.2021
Deputy Chief Compliance Officer
CitiTrust
10.2017 - 06.2019
Certified Anti-Money Laundering Specialist
09-2017
Assistant Vice President of Fiduciary Risk
CitiTrust
06.2016 - 10.2017
Senior Client Accountant
CitiTrust
12.2015 - 05.2016
Assistant Manager Internal Audit
CitiTrust
08.2006 - 06.2010
Accountant - Co-op Student
Deloitte.
08.2000 - 05.2006
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